I'm thinking of buying a used Cadillac, but I'm trying really hard to educate myself about cars. I really do not want to get ripped off.
My local Caddy dealership just got a 2005 STS with 46,000 miles. They are asking $14,999. I haven't yet seen the car in person, so I can't comment on its condition. I've seen photos online.
I went online to Edmunds and KBB to try to figure out the car's true value.
It looks like a 2005 STS with 46,000 miles in OUTSTANDING condition should sell for about $10,900.
Is this 4k difference the standard retail markup, or is it more of a rip-off? (Dealer stated that the car was below KBB retail value, which sounds like an outright lie). This dealer is always claiming their cars are listed BELOW KBB retail value, but anyone can go on the Internet and check to see that's not true.
When I go to KBB and punch in the numbers to see what a comparable STS is worth, is that the price that it should be listed for on a used car lot? Or should I expect a retail mark-up on top of that?
Do used car lots tend to always overprice their cars because they want to see if people will bargain with them? Is this somewhat standard....asking 15k when the car's KBB value is more like 11k at most? Thanks!